Healthcare technology firm Medtronic plc (MDT) announced that it has entered into a definitive agreement to acquire Affera, Inc., a Boston area-based, privately held medical technology company. The financial terms of the deal were not disclosed.
Affera designs and manufactures cardiac mapping and navigation systems and catheter-based cardiac ablation technologies, including a differentiated, focal pulsed field ablation solution.
Medtronic, through its minority investment portfolio, has been a strategic investor in Affera and currently holds a 3% ownership stake in the company.
The acquisition expands the Medtronic portfolio of advanced cardiac ablation products and accessories, including first-time entry into mapping and navigation, within one of the fastest growing medtech markets.
The Affera full-suite of solutions and technologies will complement the existing Medtronic atrial and ventricular arrhythmia disease management portfolio and support the company’s efforts to offer simple, safe, and effective cardiac ablation solutions to improve patient outcomes.
The acquisition is expected to close the first half of Medtronic fiscal year 2023, subject to the satisfaction to certain customary closing conditions.
Following close, the transaction is expected to be less than 1% dilutive to Medtronic’s adjusted earnings per share in each of the first three years, and neutral to accretive thereafter. The company expects dilution of approximately 5 cents in both year 1 and year 2 and approximately 3 cents in year 3.
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